Only Tk 5.4m undisclosed money legalised so far

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Doulot Akter Mala
The National Board of Revenue (NBR) received statements about undisclosed money worth Tk 5.4 million from 13 individuals until Thursday.
The board received the statements from the individuals in response to the government's recent offer on legalisation of untaxed money, earned through fair means, by July 31.
On June 4, the NBR issued a statutory regulatory order (SRO) giving the facility to legalise undisclosed income until July 31 next by paying 5.0 per cent penal charge in addition to normal rate of tax.
Under the facility, anyone who had failed to disclose certain part of his/ her income made through fair means in the tax return in a particular year will be allowed to legalise the same.
This opportunity will be applicable to holders of TIN (tax payers identification number) for undisclosed income of the last five financial years.
Initially, the government received poor response from the undisclosed money holders as they were making queries about the measure.
But, the board is now getting positive response from the particular individuals to legalise their untaxed money.
Meanwhile, a number of untaxed money holders expressed their grievances about the government's decision saying: "We want to pay tax for the mistake we have committed, but we should be given an opportunity to pay it on easy term and at a reasonable rate."

They submitted some suggestions to the government regarding legalisation of the undisclosed money.
They pointed out that during the last two fiscals the black money holders got the opportunity to legalise their money by paying 10 per cent and 7.5 per cent tax.
But this year the white money holders have to pay 5.0 per cent as penalty to disclose their money.
They questioned: "What crime have the white money holders committed?"
The white money holders said they will show the source, but the government has to consider some of their proposals.
They proposed introduction of special slab of tax rate for disclosing white money holders, such as 10 per cent for an amount up to Tk 10 million, 15 per cent up to Tk 20 million, 20 per cent up to Tk 30 million and 25 per cent beyond Tk 30 million.
They also proposed not to reopen the tax file of the respective year because the taxmen might get scope of misusing power.
Referring to the provisions of the previous years, they requested the government not to raise any question in future on the white money, which will be legalised under the current measure.
The NBR sources said any businessman can obtain a new tax identification number by July 31, but there will be no time extension for opening of new tax file.
They said the taxmen will intensify their drives to collect taxes after the deadline.
The board might levy as high as 250 per cent on delinquent undisclosed money holders who will fail to pay tax by July 31, the NBR sources said.